Building a system of belonging

A view from Stephanie Rix, Chief People Officer, HLB

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The conversation around gender diversity is as important as ever. Despite a balanced gender ratio at the graduate level in financial services, we witness a concerning decline in female representation as we ascend the corporate ladder. The fact that women hold only 32% of leadership roles globally indicates a persistent gender imbalance.

Our report sheds light on this issue, emphasising the urgent need for organisations to enhance their corporate culture to bolster their support for women's advancement.

The insights highlight a significant challenge faced by businesses—retaining and advancing women into senior roles. It's not enough to attract diverse talent; organisations must ensure an inclusive environment that promotes a sense of belonging and supports long-term career growth.

Building a system of belonging

A robust system of belonging is crucial for retaining female talent. Organisations need to implement comprehensive strategies to improve the well-being, engagement, and productivity of their workforce. Here are five actions to consider:

DEIB (Diversity, Equity, Inclusive and Belonging) Strategy Implementation

  • DEIB Audit: Conduct audits to understand the unique challenges women face within your company. Shift from a compliance-based approach to one that focuses on tangible outcomes.

  • Transparent Goals: Set clear, measurable DEIB goals and reward leaders for achieving them. Companies like WH Smith, Sodexho and Procter & Gamble have linked executive pay to DEIB objectives.

Listening Strategy

  • Encourage open dialogues and candid discussions to create psychological safety. Listening to employees is vital for fostering innovation, belonging, and engagement.

Inclusive Hiring and Succession Planning

  • Simplify job descriptions and use gender neutral language to attract diverse candidates. Focus on essential qualifications rather than an exhaustive list of criteria. Address the imposter syndrome and leverage women's strengths.
  • Prioritise gender diversity in recruitment and succession planning to ensure transparent promotion criteria.

Inclusive Corporate Policies

  • Adapt policies to meet the diverse needs of your workforce. Provide tailored support for employees at different life stages, particularly regarding carer responsibilities, menopause and flexible work arrangements.

Human-Centered Leadership

  • Grow and nurture a culture where diverse voices are valued and supported. Encourage leaders to recognise and nurture potential in all employees, regardless of gender.

 

We extend our heartfelt thanks to all the contributors who have shared their insights and experiences for this important report. Your voices are instrumental in driving positive change and inspiring organisations to adopt more inclusive practices.

Call to Action

To achieve meaningful progress in women’s advancement, businesses must commit to implementing these strategies. It's not just about compliance but creating a culture where everyone can thrive. Together, we can build a future where gender diversity is not just an aspiration but a reality.

We don’t want our research to stop here, please share your thoughts and experiences with me. Let's continue the dialogue and work towards a more inclusive and equitable workplace for all.

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